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MNS

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4.2¢ magnis energy technologies ltd

Both companies were treated differently. The value of the C4V...

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pe981

2,823 Posts.

1410

18/03/24

12:40

Post #: 72939595
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Both companies were treated differently. The value of the C4V stake was recognised as a non current asset (FVOIC) and that amount of $15m+ was written down to zero.
Im3NY financial position was consolidated within Magnis figures and these have all now been deconsolidated. Any assets of Im3Ny have been removed along with the debts. Im3Ny was in a negative equity position so removal of it's figures has improved MNS balance sheet and created a paper profit!
The balance sheet now carries no value for share of Im3NY.

Originally posted by Cosmoterios: ↑

They both came from the same issue:

"However, with Inc.’s funding and the alleged default matter remaining largely unresolved at the date of this financial report along with the materiality of the above events impacting the iM3NY LLC Group, significant uncertainty exists over the future of the iM3NY LLC Group and its ability to continue to operate as a going concern."

and

" However, with Inc.’s funding and the alleged default matter remaining largely unresolved at the date of this financial report, along with the materiality of the above events impacting C4V, significant uncertainty exists over the future of C4V and its ability to continue to operate as a going concern"

So why ONLY REDUCTION in the carrying value of C4V but NOT IM3NY (Inc)?!?

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MNS Price at posting: 4.2¢ Sentiment: None Disclosure: Not Held
7 Upvote

0 Great analysis

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